BTC Jumps to 5-Month High as ETH Approaches $1,700 – Bitcoin News Market Updates

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Bitcoin hit a five-month high to start the weekend as bullish sentiment returned to cryptocurrency markets. Prices for the world’s largest digital currency surged above $23,000, rebounding from a recent drop to $20,000. Ethereum also rallied as it hit its strongest point since September.

Bitcoin

Bitcoin (BTC) broke above the $23,000 level to start the weekend, with prices hitting a multi-month high.

After bottoming out at $20,961.21 on Friday, BTC/USD hit an intraday high of $23,249.89 earlier today.

Today’s rally saw bitcoin hit its highest level since August 24, when the price at the time hit a high of $23,600.

BTC/USD – Daily Chart

As can be seen on the chart, the move comes as the 14-day Relative Strength Index (RSI) moved back towards a high of 90.00.

Currently, the index sits at the 86.30 level, with earlier gains fading somewhat, as traders look to secure their profits.

At the time of writing, BTC is trading at $22,902.03, which is still around 9.27% ​​higher than yesterday’s low.

Ethereum

Like bitcoin, Ethereum (ETH) also surged on Saturday, as it hit its highest level in the past four months.

ETH/USD hit a high of $1,674.18 earlier in the day, following a low of $1,550.03 on Friday.

Following the move, Ethereum recovered to a high not seen since September 13, which is the last time it traded above $1,700.

ETH/USD – Daily Chart

Although prices are currently below this threshold, the resurgence of bullish momentum on Saturday could lead to further surges this weekend.

The push pushed the 10-day moving average (red) back into an uptrend, extending its distance from its 25-day counterpart (blue).

Overall, Ethereum is up 6.28% at the time of writing.

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Do you expect Ethereum to break above $1,700 this weekend? Leave your thoughts in the comments below.

Elie Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage manager and online trading educator. Currently, he acts as a commentator in various asset classes including Crypto, Stocks, and FX, while also being a founder of a startup.

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